Gold's Meteoric Rise and Recent Correction: A Market Analysis

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Gold,Silver,Platinum

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

The precious metals market witnessed a historic moment on September 26, 2024, as gold futures surpassed the $2700 per ounce mark for the first time. This milestone capped off a remarkable rally that began in August, with gold surging from approximately $2400 to over $2700 in just two months—an impressive 12.70% gain.

Geopolitical tensions have also played a crucial role in driving gold prices to new heights. The ongoing conflict following Russia's invasion of Ukraine has created global economic uncertainty, prompting investors to seek safe-haven assets like gold. More recently, the outbreak of war in the Middle East has further fueled this trend, underscoring gold's status as a store of value during times of international crisis.

As of the latest market close, gold prices have retreated to $2625 per ounce, representing a decline of over a 23.6% from the recent peak. This retracement aligns with a key Fibonacci level, a tool often used by technical analysts to identify potential support and resistance zones in financial markets.

 

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Stocks rise, Bitcoin and gold dip as investors eye CPI report and rate cut pathThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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